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dannyboy30
Starting Member
United Kingdom
18 Posts |
 Posted - 31 August 2009 : 12:20:20
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All need some advise,
A work mate of mine now has his son living with him as he could no longer afford to pay his mortgage on his house ( 6 missed payments ) this is now going to court, my work mate is worried if balliffs get involved they will try and take goods etc from his house, can this be done, any advise on this subject would be great
thanks Dan. |
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debtinfo
forum expert
2826 Posts |
Posted - 31 August 2009 : 12:52:46
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| Baliffs can only ever take assets belonging to the debtor not family members |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 31 August 2009 : 12:56:26
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Chances are the bailiffs won't be involved and the mortgage company will be looking to repossess the property.
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Niobe
Administrator
United Kingdom
4590 Posts |
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dannyboy30
Starting Member
United Kingdom
18 Posts |
Posted - 31 August 2009 : 16:41:26
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thanks you all vou for the info much appriciated
Dan |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 31 August 2009 : 19:23:55
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Hi Dannyboy30,
If the mortgage company has already issued possession proceedings then your friend stil has some options.
The Government is trying to minimise the number of mortgage repossessions and has set out a number of guidelines for lenders.
I do not know if your friend has tried talking to the lender to come to an informal arrangement to repay the arrears without a possession order?
If he has a repayment mortgage, then he may be able to get the lender to agree to changing to an interest only mortgage for the time being - this will reduce the amout paid every month, but will not reduce the sum owed. (The capital/equity).
One thing is for sure when the court hears the possession case, the DJ will be trying to broker an arrangement to avoid another repossession.
At worst, the DJ will make an order suspended on terms. The DJ has some discretion her as to how long the suspension is - I am pretty certain it is now 56 days maximum. However, if your friend pays the amount set out in the terms of the judgement, then the house will not be repossessed. Again worst scenario 2 months and then a further 6 weeks )depending on how busy the courts are) for the warrant for eviction.
Your friend should talk to his lender and attend the hearing in the local county court. He should then seek the advice of the duty solicitor on the day of the hearing. Normally CAB, Local authority officer, Shelter are there to assist the defendent.
I think the advice already given on the other debts is sound advice.
Good luck to your friend, Richard
"There are no problems - only solutions..." |
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dannyboy30
Starting Member
United Kingdom
18 Posts |
Posted - 01 September 2009 : 08:34:54
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thank you housing im sure that info will be greatfully recieved
Dan |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 01 September 2009 : 09:30:54
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Dear Dan
No problem, tell your friend to be strong with this - it is stressful.
I would be interested to know what happens so please post progress - I have had 30 years experience as a letting agent and estate agent and am happy to provide responses as necessary for your friend.I have dealt with hundreds of repossession cases in one way or another. There is some hope for him to save the situation depending on how far the lender has gone as at now
Regards, Richard
"There are no problems - only solutions..." |
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Topic |
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work mates son and missed mortgage payments
